India Amends Foreign Trade Policy: Rupee-Settled Exports to Iran Now Qualify for Benefits Under Section 5 of FTDR Act.

The Government of India has amended the Foreign Trade Policy 2009-2014 to allow export proceeds from specific exports to Iran, realized in Indian rupees, to qualify for export benefits and incentives. This amendment, under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, adds a new sub-paragraph to Para 2.40 of the policy. The change ensures that export transactions with Iran settled in Indian rupees receive the same benefits as those settled in freely convertible currencies.

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